Thursday, April 19, 2007

What can be done?

If I were a financial advisor, I would be inclined to recommend to my investor to take his/her losses and walk or crawl away. But these people aren’t my clients, they are my parents and I don’t want to let them down or make a mistake. We have decided to pay the Round 1 Premium payment for MBC Policy number 99-0007829. From the information we have, the insured is an 84 year old male with an estimated life expectancy of 5.3 years (per the Social Security tables). When you total all of the actual and proposed future expenses, this policy would show a rate of return of principal of 1.00 or breaking even. Of course this number is only as good as the information we are provided. So far, I only know three MBC investors: my parents, a cousin, and one of my father’s friends. If you are one of the thousands of MBC investors who are in the same situation as us; if you have the time, please make a comment, give me your advise and suggestions. If I can do anything to help you, I will. If I get enough responses agreeing that MBC investors maybe better served by banding together, I will set up a forum site for it. My name is Larry N. Scartz, I am a Land Surveyor in Virginia. My email address is larry.scartz@scartz.com and my business website is www.scartz.com.

Looking forward to your replies!

3 comments:

JAMES R. TOBIN said...

GREETING MR SCARTZ
I AM AN INVESTOR THAT PUT A SIZABLE AMOUNT OF MY RETIREMENT INTO THESE VIATICALS. I PURCHASED AN ABSOLUTELY SAFE INVESTMENT IN MAY 1995. I STILL HAVE 3 VIATICALS WITH A VALUE IF 65,000 DOLLARS. I VOTED TO SELL THESE POLICIES, TO CUT MY LOSSES AND FINALLY Have some money. IT IS NOW12 YEARS SINCE I MADE THIS INVESTMENT MY FINANCIAL ADVISOR OVER AND OVER ASSURED ME THAT THIS WAS A 100% SAFE INVESTMENT THESE PEOPLE WERE GOING TO DIE AND PROBABLY WITHIN 3 YEARS. I KEEP ASKING PEOPLE AT MBC FOR A TIMETABLE FOR THE RECEIVER TO MAKE A DISTRIBUTION OF THE 10 MILLION PAID BY THE LAWYERS AND MONEY REALIZEDFROM THE SALE OF ASSETSOF THE THE PERP OF THIS SCHEME, THE WHOLE LOMBARDI FAMILY, CAROL TRAINIA, ETC. THIS MONEY IS BEING EATEN UP PAYING LAWYER FEES ETC. AND WE SIT HERE GETTING NOTHING.
OK MR SCARTZ, WHAT CAN I DO TO HELP THIS PROCESS ALONG?
I AM A DESABLED RETIREE. I LIVE IN PORT ORANGE.MY ADDRESS IS 5436 NEWMAN DR. PO, FL 32127
JAMES R. TOBIN
TOBINJ762@BELLSOUTH.NET

Anonymous said...

We need to get a list started of the sales agents involved. The agent that invested my money is a college educated FINANCIAL ADVISOR, not just a salesman working for someone else by a long shot. For several years he has owned & operated several agencies that prepare income taxes, sell insurance, do bookkeeping for businesses and advise clients on investments. He sold these viaticals knowing that errors & omissions insurance in NYS will not cover this type of investment. NYS will not recognize this investment or license agents because it is too risky. I was definetly not told viaticals were not insured by errors & omissions & was led to believe they were absolutely safe. The fact that this FINANCIAL ADVISOR knew this makes it a criminal act. The simple fact that I was not informed of any risk involved & that viaticals are not covered under errors & omissions, makes this FRAUD. An agent promoting an investment should have seen a RED FLAG when the state you do business in doesn't require a license or reqiuire coverage for viaticals under errors & omissions insurance. We need to know if any civil/criminal actions have been taken on the agents that sold viaticals. If someone will start a list of the agents that sold the viatical to them, I will add my name & the agents name & address. My retirement accounts that I worked for my entire adult life to save so I could retire & never become a burden to my family or to the hard working people of the USA are in this scam. My dream of retirement is gone. My retirement money was to survive and not for trips or any extravagant things. Just to survive & not take from any other hardworking citizen.

True 165 said...

Anyone who lost their ability to collect on the loss for not keeping up with the insurance premiums should contact me immediately about how this loss can now directly affect your 2007 tax return.

I also sent a letter to the receiver to see if he'd share this information with others.

I don't have the names of the investors and no way to distribute this information, maybe this blog can help.

Steve Mead
Senior Consultant
JK Harris 165 Services
1-800-830-7617 (Ext. 229)
smead@165services.com
www.165services.com

NO OBLIGATION FOR THE CALL

Frequently, the tax benefit we specialize in creates more recovery through tax refunds over any efforts by a receiver.

Curtis Miner, Esq.
Colson Hicks Eidson
255 Aragon Avenue 2nd Floor
Coral Gables, FL 33134

October 10, 2007

Dear Mr. Miner,

Excerpted from your website:

Q. My investment is stuck in the Receivership. May I take a tax write-off for the investment as a loss?
A. The Receiver is not able to provide investors tax advice.

Is it possible the receivership could lead the investors to advice about their income tax options? Here is an example of a Receiver's efforts in an unrelated case; tailored as an example for the Mutual Benefits, et al. injured taxpayers.

Dear Investors,

Many of you have requested information concerning the tax ramifications of your investment into Mutual Benefits. Certain Investors may qualify for an accelerated deduction treatment under the Internal Revenue Code § 165, which allows fraud victims to lower their tax bills by claiming theft losses. If you qualify, you can potentially write off the Mutual Benefits losses and recapture taxes from previous years.

We are providing investors with a link to JK Harris 165 Services website. JK Harris 165 Services, as well as any other qualified tax professional, may be able to assist you in filing for this special tax treatment.

Please note, the Receiver and his staff are not affiliated with JK Harris 165 Services and do not derive any benefit for their services rendered in any capacity whatsoever. The information being provided herein is solely for the purpose of informing investors of this possible tax advantage.

Please remember that the Receiver and his staff are not qualified to answer your tax questions and request that you not contact our office for tax advice. You are strongly urged to seek the advice from your own tax advisor concerning this matter.

To read more information about IRC § 165 from JK Harris 165 Services website, please click the following link:
www.165services.com.